Bitcoin

Maltese Authorities Warn Locals About ‘Bitcoin Future’, A Bitcoin Scam

While bitcoin whitepaper introduced exactly 11 years ago is celebrated by crypto enthusiasts and advocates, bad actors in the space are restlessly trying to steal bitcoin through any means. Recently, the Malta Financial Services Authority (MFSA) warned people about a bitcoin scam which is quite similar to another scam in the past dubbed ‘Bitcoin Revolution‘.

This time, scammers carrying the scam and trying to manipulate people choose the name ‘Bitcoin Future’ to go by. According to MFSA, several slogans such as “Unique opportunity for Maltese” and “A way to build your life better” are used to attract people and redirect them to URLs where the fake information is used to trap people. Elaborating on the authenticity of Bitcoin Future, MFSA stated:

Bitcoin Future is promoting itself by means of fake news articles which misuse images of local personalities and images of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be linked to these individuals.

Furthermore, MFSA explaining that Bitcoin Future isn’t authorized to run financial services strictly warned people to stay away from it. Besides, MFSA also revealed that Bitcoin Future didn’t operate in accordance with Article 62 of Malta’s Virtual Financial Assets Act so people should adhere to great care while dealing with different misleading guises adopted by Bitcoin Future.

READ ALSO: Johannesburg Authorities Will not Pay Bitcoin Ransom to Hackers

Like Bitcoin Revolution, Bitcoin Future is also a “get-rich-quick” scam that uses fake articles and endorsements from various personalities to gain the trust of people. For instance, Bitcoin Revolution popular in January 2019 used portfolios of Maltese celebrities that included two hosts, Wayne Sammut and Elaine Degiorgio, and, an actor, Davide Tucci, to increase its own credibility.

In its final words, MSFA providing a link for locals to verify entities licensed by the MFSA itself urged:

“The MFSA strongly advises investors and consumers of financial services that prior to making any investment or entering into any financial services transaction they should make sure that the entity with whom the investment or transaction is being made is authorized to provide such services by the MFSA or another financial service regulatory authority as applicable.”

As bitcoin scams and hacks are very common in the space due to their frequent occurrence, the repute of bitcoin and other cryptos is damaged substantially. These incidents taking place are creating hurdles for cryptocurrencies becoming mainstream.

READ ALSO: Russia Looking Forward to Conquer the Bitcoin Mining Industry

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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